Crypto is having a massive impact on global markets now, and everyone seems to be getting in on the action! Let’s Face it, its not going to go away anytime soon, and I think all savvy investors should be adding it as a solid way to hedge their portfolio.
Gold was expected to start soaring this year upon news of all the extra dollars being pumped into the company by the president Biden. So far, we have only seen a downward trend, and it seems to be locked in a downward channel at present. So why is that? Several analysts are pointing to cryptocurrency as the new safe haven for investors, and with companies like Tesla and Mastercard now on board, I think they are probably right.
So why have I chose Litecoin (LTC) as my first big crypto investment for the long game? Well firstly its seen as the silver to Bitcoins gold - the graph below shows its gains during the recent bull run, compared with Etherium and Bitcoin. You can see how much room Litecoin has left to grow in order to catch up with them.
Not only does it have some catching up to do, it is also 50% off its previous gains of 2017 - almost $120 lower than this previous high. With buying volume outweighing selling volume, and positive long term indicators on the RSI, and MACD, we think this is surely going to head towards $250 and above within the next few weeks. Of course, this will be dependant on Bitcoin holding high, but things are really starting to look up for LTC.
Update: Note that Grayscale Litecoin Trust (LTCN) has added another $210 million worth of assets under management issued initially to institutional investors. These growing figures provide clear evidence of Litecoin’s potential.